Sunday, January 06, 2008

Plenty of places where there are just too many houses, and many people face constraints which prevent them from lowering the price too much even if they would be willing to do so.

Very little subprime mortgage lending is taking place in the Toledo area anymore, but loans made in the last several years led to a glut of foreclosed homes and a struggling real estate market, two local real-estate experts said in remarks to be broadcast tonight and tomorrow.

Al Green, president of the Toledo Board of Realtors, said on this week's Deadline Now, said that with nearly 7,000 more homes on the market than a year ago, sellers should expect houses to sit 180 to 300 days. "We're pushing a year to sell a house."

And eventually everyone in this will understand that this never had much to do with "subprime" mortgages.